Using Bitcoin To Pay Off Studen Loans 2021 – Crypto Loans

Yes so… Using Bitcoin To Pay Off Studen Loans…Numerous of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the company model of individual platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the risks that you must consider when transferring your crypto on one of these platforms.

 

consider subscribing and struck the like button to see more content like this in the future. So let’s very first provide you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of assets. The platform provides its services worldwide, however, they are presently not releasing loans in the United States due to local guidelines. BlockFi is the biggest

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competitor to Celsius Network. The US-based business has trading and loaning licenses in numerous US states. , if you are looking for a wealth-management app for your crypto assets BlockFi is definitely worth thinking about.. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of sanctioned nations. YouHodler is most likely the most legitimate crypto loaning platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler uses extremely competitive rates on your crypto possessions along with numerous other functions which you will not find on any other platforms. The platform is readily available in lots of countries with the exception of Germany and the U.S.A.. If you reside in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the choice to earn interest not just on their coins however also fiat deposits. Nexo is in truth, among just two, to us known, crypto lending platforms that offer interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief overview of every platform

 

And the platform is also preparing to launch a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s company design as the platform doesn’t have A devoted section about

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this on their site. Now let’s talk about the returns. If you are enjoying this video, you want to generate income by transferring your coins on among the platforms right? Before we compare the rates, there are a few things that you ought to consider. Every platform has specific limits and terms when it concerns offering interest on your coins. So for instance, Celsius Network alters the rates weekly to reflect the current market circumstance. You are just able to make greater rates if you choose to receive the interest in Celsius’s own utility token. The greater benefit rates are also not readily available for United States citizens. If you would not want to pay your benefits in the CEL token, you can presently expect to get 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends upon the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is currently at

 

9% per year. What deserves discussing is that if you want to save some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the large gas fee, as the currency runs on the Binance Smart Chain with way lower charges in comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. You can earn 12% interest on your USDC holdings and the platform offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who want to get the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to bear in mind is that platforms tend to adjust the rates from time to time, so you can’t truly anticipate the real return from your deposits. Keep in mind that by transferring your crypto, the value of the currency might reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. Now, that you are mindful of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is most likely the most genuine platform in this area. The founder Alex Mashinsky is a well-known entrepreneur. Before launching the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the progress and examine a few of the data. As we are tape-recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Using Bitcoin To Pay Off Studen Loans

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paid out more than $367 M worth of rewards. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it concerns sharing its monetary reports, however with a bit of digging, you can get your hands on the financial report for 2020, where you will find out that the platform is not successful yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement space instead of the fintech space. BlockFi is also funded by many institutional investors and the platform is mainly targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the required loaning licenses just in the U.S. , if you desire to check BlockFi’s stats you won’t be happy as there are none offered.. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were not able to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it appears like he has actually relocated to Switzerland to launch his crypto lending platform YouHodler in 2017. I understand that YouHodler has been praised by a few of you in the comments on previous videos, sadly, the platform isn’t openly exposing any financial reports, nor statistics about their user base or properties under YouHodler’s management. When utilizing YouHodler, this is something you need to definitely consider. Proceeding to Nexo. Nexo declares to manage $12 B worth of properties from more than 1.5 M of users. It would imply that Nexo is twice as big in terms of user base as Celsius with a much lower average if this is right

 

deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high development even if we consider the hype in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading regulated financial institution for digital possessions. I would be truly interested by whom Nexo is managed, as the company doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that apparently is funding Nexo. According to our current research study, the executive board does not even consist of Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of customers cash”. Also when reviewing a few of Nexo’s comments from the CEO

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in the media, he is frequently only promoting crypto and anticipating costs however does not have any much deeper insights into the crypto financing area or how Nexo is operating. However that’s just our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not lawyers, we have a hard time to comprehend the legal setup under which Nexo is using its services. So now that we have reviewed a few of the track records of the four mentioned platforms, let’s briefly review the functionality of every crypto lending site. Celsius has actually begun as a native mobile app. The app is well developed and it features various security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see the number of assets you are holding and what are the presently offered rates. You can withdraw and move supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them directly through the app. Keep in mind, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less developed impression. The app is extremely basic therefore is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform also provides a devoted exchange so you can even trade them. We don’t advise this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is likewise working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most innovative services among the crypto loaning platforms. Currently, the platform supports 18 digital

 

YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a really strong concept of what every crypto loaning platform is offering. What you must consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys anymore and your possessions may get compromised either by 3rd parties or by the platform itself. Using Bitcoin To Pay Off Studen Loans

 

give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The drawback of this method is that you will just benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on among the crypto financing platforms. But, just like any financial investment, it always boils down to the risk and return and your threat profile. So based on our thorough comparison, let’s have a look at our independent scores of every classification for every platform. Keep in mind, that we have actually designated the rankings based on our own research study. One represents the lowest score while five stands for the greatest rating. Within the business model category.